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Monday, October 11th 2010

6:01 PM

Besides being able to write swaps or insurance on crap loans, the repeal of Glass-Steagall allowed MBS securitization of mortgages. Here is the Kentucky Court transcript explaining this diabolical plan. Don't anyone ever tell me this was not a massive and predetermined determined plan:

75. From the time of the Great Depression up and until 1999, the conversion of loans into MBS was illegal. The Banking Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation of the exact nature of what has taken place in the last several years. It was commonly known as the Glass– Steagall Act. Over the years provisions of the Act were eroded little by little, until the Act was finally killed with the last repeal of the section which prohibited a bank holding company from owning other financial companies. This was accomplished with the Gramm–Leach Act.

This Gramm-Leach-Bliley repeal which was really an act of treasonous attack on mainstreet, brought securitization to our shores. And Basel 3, as I have written about until I am blue in the face here, wants government guarantees of these mortgages permanent, and take out of the hands of congress the ability to stop the guarantees if economically necessary. This introduces moral hazard and the desire on the part of government/Wall Street to continue to blow bubbles that are totally unsustainable.

24 total comments.

Posted by Justin:

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Thursday, December 15th 2011 @ 6:03 AM

Posted by Timmy Griffin:

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Wednesday, January 18th 2012 @ 8:09 AM

Posted by Sienna Brown:

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Posted by Jenifer:

Great post !
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Tuesday, January 31st 2012 @ 12:50 AM

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Posted by Mark:

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Red wine is one of the most popular drink. It's perfect for your celebration or party. The problem is that it is really easy to spill it and if you have a wool carpet, you will probably get it stained.
That is not such a problem if you manage to clean the stain as soon as it occurred. It is much easier to clean red wine before it has dried on the carpet.